Well, I didn't expect that!
Forty Three Percent of people without life cover had children
What's the cause?
What about expats?
We always have excuses for not making a decision because deciding is hard. In fact making decisions is thought to be the most energy draining activity that we do. So, we’ll do it when we lose some weight, stop smoking or once we’ve got the summer holidays over and done with. Anything to not think about it right now.
We don't like insurance companies
For others it may be a mistrust of insurance companies. We all read stories about insurance companies not paying out. No one doubts that this doesn’t happen though in reality this is in a minority of cases. Something going wrong makes for much better headlines than everything going right. On the whole life insurance is reliable and pay out rates are in the very high 90th percentile. In fact most modern policies payout on the diagnosis of a terminal illness.
Lack of understanding
It may also be that they don’t understand what they need. What type of policy should they get or how much and for how long do they need it. The financial services world tends to be full of acronyms and technobabble. This is very off putting for some people.
More important things to do!
Another misplaced, yet common attitude is the money’s better spent elsewhere. No one wants to have to claim on their life cover, though if needs be it provides welcome security for your family. One less thing for them to worry about if they lose you. On the whole the cost of life insurance has been getting cheaper making it more affordable. So, if you’re unfortunate enough to claim on a life policy it will be one of the best returns you’ll get from any investment that you make. This makes it money well spent.